Login to Market Intelligence Platform

Looking for more?

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

The U.S. and China averted the tariffs scheduled to take effect on each other's goods Dec. 15 after both parties agreed to the text of a phase-one deal Dec. 13. U.S. Trade Representative Robert Lighthizer said the partial pact may be signed in January 2020 and that it includes a Chinese pledge to purchase $40 billion to $50 billion of U.S. farm products annually over the next two years.

The U.S. will also lower the tariff rate imposed in Septemberon roughly $120 billion of Chinese goods to 7.5% from 15% as part of the preliminary agreement, which is yet to be translated.

Separately, the U.S. private sector grew at a faster pace at the end of 2019 than last month, to a five-month high as service sector growth accelerated.

European shares also hit an all-time high, with the pan-European Stoxx 600 trading 1.4% higher. The FTSE 100 jumped 2.45%, having previously increased 2.6%, which was the largest rise in more than three years.

U.K. Prime Minister Boris Johnson was due to appointhis cabinet following a victory in the Dec. 12 snap poll.

In the bond markets, the yield on 10-year Treasurys added 3 basis points to 1.858%, while that on German Bunds with the same maturity dipped 1 basis point to negative 0.294%.

In currencies, the dollar index lost 0.2% to 96.9860.

Sterling gained 0.1% to 1.3348. The U.K. composite output index plunged to a 41-month low in December as manufacturing production registered its steepest fall since July 2012.

The euro gained 0.3% versus the dollar. IHS Markit data showed that the eurozone's economic growth nearly stalled for the third consecutive month in December, concluding the fourth quarter with the weakest growth in six years.

Elsewhere, the safe-haven Japanese yen dipped 0.1%.

Brent crude oil added 0.4% higher to $65.45 per barrel on the ICE Futures Exchange. Gold was little changed at $1,482.00 per ounce.

More from S&P Global Market Intelligence:

USMCA creates new uncertainties for business as politicians claim victory

Fed prepares for dicey year-end period in repo markets

Declining interest rates no remedy for falling home equity loans in Q3'19